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In the last 24 hours, dog-themed cryptocurrency Shiba Inu has registered 2.23 trillion SHIB in large transaction volume, which provides an idea of the total amount transacted by whales in a given day.
According to IntoTheBlock data, Shiba Inu's large transaction volume came in at $36.81 million or 2.23 trillion SHIB in the past day, representing a 60.73% increase. Despite this significant activity, the price of Shiba Inu remains in the red, reflecting the broader market's volatility.
At the time of writing, SHIB was down 4.83% in the last 24 hours to $0.00001689 and down 12.83% weekly.
Cryptocurrencies fell broadly on Friday, following a report that the U.S. was investigating stablecoin issuer Tether. Paolo Ardoino, Tether CEO and CTO at Bitfinex, has refuted the report, albeit the crypto market is still sustaining losses with several digital assets trading in red.
The increase in large transaction volume might surge an increase in activity among SHIB whales as the market faces profit-taking. This might suggest that large players might be actively buying or selling SHIB, possibly positioning themselves for future market shifts.
Shiba Inu's price is currently trapped in a range between its daily moving averages of 50 and 200 at $0.00001637 and $0.00001873, respectively. A break in either direction could define the Shiba Inu price trend in the short term.
ShibaSwap gets major upgrade
According to a recent announcement, ShibaSwap has received a major upgrade. The much-anticipated ShibaSwap v2 has been released, and it will provide users with a new rewards structure, smart swap, easy migration, pair-level analytics and concentrated liquidity pools.
The upgrade's new concentrated liquidity pools will allow users to add liquidity within particular price ranges, providing greater flexibility and efficiency, as well as the opportunity for better rewards.
Thanks to the upgrade, users will now be able to claim rewards based on their liquidity contributions without withdrawing their liquidity. Users can also see the potential rewards within the APR columns on the list of liquidity pools page. Existing liquidity providers will also be able to easily migrate from old pools to new ones.
Smart Swap will allow users to switch between the V1 and V2 pools to perform swaps at the best prices. Detailed insights into volume, total value locked (TVL) and fees earned will also give users the tools to make informed decisions.